Sunny rate news for CD shoppers has been coming almost daily for months, but today’s development outshines them all: You can now earn a historic 6.00% APY on a nationally available CD.
It’s a milestone we’ve wondered whether the best CD rates would reach, after hitting 4.00% a year ago and 5.00% in December. And for most of the last six weeks, the leading rate has held at 5.75% APY. But today you can score 6.00% APY from American 1 Credit Union on a 1-year term.
- The leading rate among the best nationwide CDs has jumped to 6.00% APY, available on a 1-year term.
- This is the first nationally available CD to offer at least 6.00% since the Fed began raising interest rates 17 months ago.
- Our list of CDs paying 5.50% APY or more climbed to 40 today, up from 15 at the start of August.
- It’s still possible CD rates could go even higher this year, as the Fed could raise its benchmark interest rate again if inflation does not cool down enough in the coming months.
To help you earn as much as possible, here are the top CD rates available from our partners, followed by more information on the best-paying CDs that are available to U.S. customers everywhere.
Always be sure you understand a bank or credit union’s early withdrawal penalty for a CD you’re considering. The penalty policies vary widely—from mild to harsh to downright onerous—and you are fully within your rights to ask that the policy be explained to you before committing your funds.
In addition to the new rate leader, you have several other options to earn a stellar rate. Runners-up include a 5.75% APY rate from one of three institutions offering terms of 9, 10, or 12 months. But if you have a jumbo deposit of at least $50,000, you can stretch that to 5.80% APY for 12 or 18 months—or even 5.85% APY for 170-days, though you’ll need $100,000 or more for that top jumbo rate.
Looking to secure a record rate for longer than two years? You can score 5.13% APY from the leader of our best 3-year CDs ranking, or 5.22% APY from the 3-year jumbo leader. Or you can even extend that to four years with a 5.12% APY jumbo certificate.